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ICICI Securities Report
Godrej Properties Ltd.'s Q3 FY22 gross sales bookings worth Rs 15.4 billion were well below our estimate of Rs 21.0 billion owing to lower sustenance sales of Rs 9.1 billion.
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However, with a strong launch pipeline in Q4 FY22, Godrej Properties appears to be on track to cross FY21 sales bookings of Rs 67.3 billion.
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The company has also announced a proposed investment in DB Realty Ltd. of up to Rs 7 billion to set up a 50:50 joint venture platform in Mumbai for slum rehab/redevelopment projects, of which Rs 4 billion will be at DB Realty entity level (Rs 3 billion from this will be reinvested in the JV) and Rs 3 billion at special purpose vehicle level.
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